Miami/Downtown Technology Strategy
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Miami/Downtown Technology Strategy

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Written and delivered to the City of Miami in January 2010. The plan has begun to be executed in various forms.

Written and delivered to the City of Miami in January 2010. The plan has begun to be executed in various forms.

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Miami/Downtown Technology Strategy Miami/Downtown Technology Strategy Document Transcript

  • Report on the viability of expansion of aTechnology Sector in City of MiamiPrepared January 2010byMarc Billings :marc.billings@digiport.como305-424-0016 x 6551m. 305-970-7010
  • ContentsReport on the viability of expansion of a ...................................................................................................... 1Technology Sector in City of Miami .............................................................................................................. 1Executive Summary:...................................................................................................................................... 3Strategy Memo Outline................................................................................................................................. 4 1. Defining the Technology Industry ..................................................................................................... 4 2. Technology as an economic driver for United States and US City .................................................... 4 3. Miami’s current Report Card ............................................................................................................ 4 4. Economic Impact to the City of a Technology Industry .................................................................... 5 5. Market Timing ................................................................................................................................... 5 6. Current infrastructures in the City .................................................................................................... 5 7. Does the industry fit within the City’s environmental goals?........................................................... 6 8. Course of Action ................................................................................................................................ 6 9. Review of Statewide Programs ......................................................................................................... 7 10. Directory resources ....................................................................................................................... 7 11. Report Committee Team .............................................................................................................. 7Report on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010
  • Executive Summary:Miami is a burgeoning metropolis. Long known for its beautiful scenery and tropical weather,population growth in the city has created inert demand for increased jobs. The purpose of this strategymemo is to create a roadmap for the development of a technical industry within the City of Miami.Technical industry is significantly underrepresented in the City of Miami and therefore has primarilybeen left out of the wealth created in the internet’s expansion. Reasons can be listed as geographicdispersion, median education level of local workforce, geographic isolation from major educationalhubs, lack of specialized economic development. As the above limitations of the City erode, theabilitytarget the technology industry as a primary jobs industry gains opportunity. The inclusion of theindustry as a core component of the Miami economyresults in increased jobs, competitiveness of localbusinesses. demand for educational institutions, existing professional services businesses. Extendingthe economic impact using a standard multiplier effect yields value propositions over long periods oftime and over multiple sectors including commercial, residential real estate markets and municipal taxbases. The industry, listed as a top growth industry for the future has limited environmental impact.Technology companies require relatively little startup capital to begin operations and have the ability toscale to highly successful ventures.Technology culture is young and adaptive, requiring access to lifestyle amenities such as live/workenvironments, public transportation, nightlife and entertainment, arts and leisure, Universities andtransportation. Each of these items are strengths in Miami. By developing the start of a culture, theattraction of young talent will begin within the city. The expansion of the worker base will then create atalent inventory which will further accelerate the growth. Support of the growth through events,programs and promotions will create awareness of the activity to the outside professional services.A properly designed governmental roll will add significant advantage to the development. Municipalopportunities include expansion of purchasing of technical applications,accessibility of governmentinformation as use of technology to communicate with residents. A recommended plan of action wouldinclude a designed Impact statement, annual program reviews and point of contact within City formanagement. Potential measurement items would include: job creation, number of housing unitsoccupied by technical employees, square footage of space occupied by technical and supportcompanies, events generated in the City based on technology drivers, hotel rooms generated, food andnightlife expenditures).The broader program should include a team of public and private individuals designed to monitor andpromote the program.Geographically, the City’s three key business zones are Downtown/Brickell, Coconut Grove andMidTown. A possible scenario would include downtown as the epicenter, MidTown for larger footprintreal estate requirements and Coconut Grove as design graphics design community.Report on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010 View slide
  • Strategy Memo Outline 1. Defining the Technology Industry a. What is the Technology industry? i. Definitions of the Industry ii. History of Industry iii. Current Trends in the Industry iv. Technology impact across industries v. Developing company stages 1. Concept, 2. Incubation, 3. Early Stage, 4. Growth Stage vi. Industry Financial Ecosystem 1. Entrepreneur 2. Friends and Family 3. Angel Investors 4. Venture Investors 5. Private Equity 6. Investment Bank 7. Public/ Private Exit vii. Support Programs 1. University 2. Other Technology 3. Incubation 4. Industry Events 5. Meetups 6. Mashups 7. CodeCamps 2. Technology as an economic driver for United States and US City i. United States roll in Internet ii. Major US City Highlights iii. Review of International Hotspots b. Review of US City sources of growth i. Universities ii. Geographic assets 3. Miami’s current Report Card a. Review of Funding Options b. Review of Infrastructure Assets c. Review of University Programs d. Review of Workforce Availability e. Review of Professional Services ResourcesReport on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010 View slide
  • 4. Economic Impact to the City of a Technology Industry a. Technology as a demand driver across industries i. Job growth ii. Residential living demand increase iii. Commercial Office space demand increase iv. Hotel Space demand increase v. Food, Entertainment and Retail demand increase vi. Increase in use of public transportation b. Miscellaneous value propositions to the City. i. White collar jobs ii. Low environment impact jobs iii. Strong draw for young professionals iv. Supports other industries; real estate, travel, entertainment c. Financial Projections i. Current Industry ii. Potential Industry Size iii. Economic Impact Statement 5. Market Timing a. Eastward Ho Initiatives i. New growth of the city naturally moves downtown ii. Residential living in downtown is a game changing event iii. Traffic issues facing the city will continue iv. Cultural benefits of a strong downtown v. Current programs already in place by City b. Why downtown for technology i. Technology is a lifestyle job- Live/Work ii. Access to office space iii. Access to public transportation iv. Access to key lifestyle areas of Coconut Grove, Miami Beach, Design District v. Access to entertainment options: AArena, Bayfront Park, Hyatt, Omni Area, Performing Arts Center vi. International Value Propositions 1. Gateway to South America 2. Gateway to Caribbean 3. International Flavor- c. Challenges to overcome i. Costs of commercial real estate occupancy ii. Costs surrounding parking requirements iii. Traffic management 6. Current infrastructures in the City i. Telecom Facilities: Terremark, 200 SE 1st, NWT, 36 NE 2nd, Wiltel old ii. Previous Successes: Alienware, Citrix, Yahoo LatAm, Adult- Misc iii. Private companies with significant IT infrastructures: Carnival, Royal Caribbean, Baptist Health, Vitas HealthcareReport on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010
  • iv. Networking Associations: Refresh Miami, Tech Tuesday, IphoneMeetup, misc other meetups. v. Professional Services Firms: Legal, Accounting, Banking vi. Universities: UM , FIU, Miami- Dade vii. Technical Schools: ITT Tech, Misc. viii. Public/Private Organizations: Enterprise Development Corporation, Launch Pad UM, Incubate Miami b. What items are lacking in the City? i. Venture Capital Firms ii. Angel Investment Groups iii. Expanded University computer science programs iv. Increased transparency of City government information sources 7. Does the industry fit within the City’s environmental goals? a. A downtown Miami residential occupant is the lowest impact resident to current traffic patterns in the city due to reverse traffic requirements. b. A downtown live and work resident is nearly a zero emission worker. c. Downtown has greatest current draw to younger demographic; developing businesses in downtown that have a high likelihood of younger workers increases opportunity for Live/Work residents. d. Internet businesses are a low carbon footprint emission business. e. Internet businesses can assist in developing other green technologies 8. Course of Action a. What is the roll that Local Government can play to assist in development? i. Office of Technology Development for coordination ii. Marketing of the City as a home for technology companies iii. Public/ Private partnerships in developing new technologies for the City iv. Transparency of public information for accessibility v. Public bid process weighted for local contracts vi. Sponsorships of private industry events to encourage site selection vii. City officials participating in recruiting events viii. Real estate incentives for businesses moving to downtown ix. Real estate incentives for businesses hiring from downtown residents x. Real estate incentives for decreased rents for technology companies xi. Coordinate activities between industry sectors xii. Expand curriculum through public educational system b. State of Florida Funding Opportunities i. State Opportunity Fund ii. Florida Institute for Commercialization iii. Florida Growth Fund c. Role of Educational Institutions i. Encourage expanded entrepreneurship ii. Develop advanced computer science programs iii. Provide program resources for alumni and visitors iv. Create programs for innovation managementReport on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010
  • v. Expose internal resources for entrepreneurship vi. Fund programs surrounding technology vii. Increase data transparency through approved programs d. Role of Private Industry i. Encourage innovation programs within company ii. Create innovation opportunities within companies with encouragement to integrate with local technology companies iii. Encourage integration of workers with downtown programs on innovation iv. Encourage workers to increase technical education e. Managing the ongoing support of the program i. Marketing the city ii. Ongoing support iii. Reinvestment iv. Management of the Process v. Geographical Guidelines 1. Downtown develops first 2. Large footprint buildings from 14th- Midtown 3. Midtown as suburb 4. Coconut Grove links design 9. Review of Statewide Programs a. Financial Firms b. Government Resources c. Technology Companies d. Incubator/Co-working facilities 10. Directory resources a. State key persons index b. Other key parties of interest 11. Report Committee Team a. Downtown Development Agency, b. Crispin/ Porter, c. Digiport, d. EDC, e. Law Firm, f. Real Estate Development Firm, g. UniversityReport on the viability of expansion of a Technology Sector in City of MiamiPrepared January 2010 byMarc Billings : marc.billings@digiport.com o305-424-0016 x 6551 m. 305-970-7010